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CMC Metals relinquishes 50% interest in Radcliff gold JV

CMC Metals Ltd. relinquished its interest in the Radcliff gold property in California due to the low cutoff grade and low resource estimate outlook, the company said July 4.

The company said work completed on the property to date has been unable to deliver a consistent grade of ore, and challenges with the joint venture have prompted CMC to halt further expenditures.

CMC was subject to a growing debt obligation on Radcliff, and after careful consideration it decided it would be in the best interest of the company to relinquish its interest. To settle its debt, the company quit claimed its project stake to the noteholder to secure a release from all obligations.

The company held a 50% interest in Radcliff, while Pruett-Ballarat Inc. owns the remaining 50% stake.